Nicolas Puech, Descendant of Hermès Founder, Alleges Wealth Manager’s Role
Nicolas Puech, 81, a descendant of Hermès founder Thierry Hermès, has revealed in court that his multibillion-dollar fortune has mysteriously disappeared. Puech, who previously owned 5.7% of Hermès—valued at approximately $13 billion—claims his long-time wealth manager, Eric Freymond, is implicated in the loss.
The allegations, first reported by Swiss investigative news outlet Gotham City, suggest that Freymond, Puech’s wealth manager for over two decades, played a critical role in the disappearance of the fortune. Despite these claims, a Swiss court dismissed Puech’s case earlier this month, with the court describing the alleged fraud as “undetectable to common mortals,” according to Bloomberg.
Legal battles
Nicolas Puech, who has no heirs, previously made headlines for his plans to leave half of his fortune to his former gardener. Puech was taking legal steps to make his “former gardener and handyman” from a “modest Moroccan family” his legal child. Puech has already transferred properties worth a combined total of €5.5 million ($5.9 million) in Marrakesh, Morocco, and Montreux, Switzerland, to his gardener, as reported by Sky TG24.
Philanthropic endeavors
Before this unconventional decision, Puech intended to leave his wealth to the Isocrates Foundation, a nonprofit organization he established to support public-interest journalism. However, the future of the Foundation is now uncertain. Bloomberg reported in November 2023 that the Foundation would no longer accept new funding requests.
Tribune de Genève disclosed that Puech’s Hermès shares were deposited in a Geneva bank in 2012. The current whereabouts of these shares remain unknown, with Geneva’s Public Prosecutor’s Office declining to launch an investigation based on Puech’s accusations. The court’s decision on July 24 reaffirmed the prosecutors’ stance.
Legacy of Hermès
Founded in 1837 as a horse saddle maker, Hermès has evolved into a symbol of ultimate luxury. The mystery surrounding Puech’s lost fortune adds a dramatic twist to the legacy of this iconic fashion house.